ULTR vs. BOXX

Last updated Apr 2, 2026

Compare and contrast key facts about IQ Ultra Short Duration ETF (ULTR) and Alpha Architect 1-3 Month Box ETF (BOXX).

ULTR and BOXX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. ULTR is an actively managed fund by New York Life. It was launched on Jul 31, 2019. BOXX is a passively managed fund by Alpha Architect that tracks the performance of the Solactive 1-3 Month US T-Bill Index. It was launched on Dec 27, 2022.

Performance

ULTR vs. BOXX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IQ Ultra Short Duration ETF (ULTR) and Alpha Architect 1-3 Month Box ETF (BOXX). The values are adjusted to include any dividend payments, if applicable.

ULTR vs. BOXX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ULTR IQ Ultra Short Duration ETF	0.00%	0.00%	1.34%	5.48%	-0.05%
BOXX Alpha Architect 1-3 Month Box ETF	0.96%	4.37%	5.16%	5.04%	0.07%

Returns By Period

ULTR

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BOXX

• 1D: -0.07%
• 1M: 0.32%
• YTD: 0.96%
• 6M: 2.05%
• 1Y: 4.22%
• 3Y*: 4.80%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ULTR vs. BOXX - Expense Ratio Comparison

ULTR has a 0.25% expense ratio, which is higher than BOXX's 0.19% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

ULTR

IQ Ultra Short Duration ETF

BOXX

Alpha Architect 1-3 Month Box ETF

Return for Risk

ULTR vs. BOXX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOXX

BOXX Risk / Return Rank: 100
BOXX Sharpe Ratio Rank: 100
BOXX Sortino Ratio Rank: 100
BOXX Omega Ratio Rank: 100
BOXX Calmar Ratio Rank: 100
BOXX Martin Ratio Rank: 100

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ULTR vs. BOXX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IQ Ultra Short Duration ETF (ULTR) and Alpha Architect 1-3 Month Box ETF (BOXX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ULTR	BOXX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	12.86	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	12.97	—

Correlation

The correlation between ULTR and BOXX is -0.06. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

ULTR vs. BOXX - Dividend Comparison

Neither ULTR nor BOXX has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019
ULTR IQ Ultra Short Duration ETF	0.00%	0.00%	1.12%	4.50%	2.43%	2.26%	1.90%	1.03%
BOXX Alpha Architect 1-3 Month Box ETF	0.00%	0.00%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

Drawdown Indicators

	ULTR	BOXX	Difference
Max Drawdown Largest peak-to-trough decline	—	-0.12%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-0.07%	—
Current Drawdown Current decline from peak	—	-0.07%	—
Average Drawdown Average peak-to-trough decline	—	0.00%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.01%	—

Volatility

Volatility by Period

	ULTR	BOXX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	0.25%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	0.33%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	0.37%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	0.37%	—